Cash Out Refinance in Chicago

4 Replies

Currently have a property under contract in the Portage Park neighborhood of Chicago. I am doing a Homestyle 203k rehab loan, leveraging my existing owner occupied 2 unit (HELOC), for the down payment on the 203K loan. This project will require a major rehab (around $200k rehab). I am looking into options for refinancing after the work has been completed. Was thinking of doing a "Cash out refinance" to pay back the 203k lender as well as the HELOC (combined total of around $428K, for a property with ARV around $525k)

Can anyone recommend a lender who offers competitive rates and LTV?

Are there typically any restrictions with doing a cash out refinance, ex: had to have owned or lived in the property for a specified amount of time?

Any help would be appreciated. 

Thanks,

Alex

Originally posted by @Alexander Chavez :

Currently have a property under contract in the Portage Park neighborhood of Chicago. I am doing a Homestyle 203k rehab loan, leveraging my existing owner occupied 2 unit (HELOC), for the down payment on the 203K loan. This project will require a major rehab (around $200k rehab). I am looking into options for refinancing after the work has been completed. Was thinking of doing a "Cash out refinance" to pay back the 203k lender as well as the HELOC (combined total of around $428K, for a property with ARV around $525k)

Can anyone recommend a lender who offers competitive rates and LTV?

Are there typically any restrictions with doing a cash out refinance, ex: had to have owned or lived in the property for a specified amount of time?

Any help would be appreciated. 

Thanks,

Alex

Yes... I know a lender in Chi-town very well.. You can PM me. I can't put the info out here as it's against the rules (I believe), but I can share in private. 

Not only this guy has good rates, but if he says he will close, he will close for sure. He has never let me down. 

@Chinmay J. do you mind share the lender's info with me? I will PM you. 

Originally posted by @Bing Lin :

@Chinmay J. do you mind share the lender's info with me? I will PM you. 

 Sent in PM

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